Take a Deep Breath: Retirement Is Sneaking Up Faster Than You Think

During a recent trip to New York City, my son and I meandered through SoHo and stumbled upon NYU’s campus. As we soaked in the lively atmosphere of Washington Square Park, my 13-year-old enthusiastically declared his dream of studying in a bustling city. “I might end up here at NYU, Mom!” he said with a grin, while I observed his lanky frame wandering in and out of trendy shops. At that moment, I thought I had plenty of time to worry about college expenses.

Out of sheer curiosity, I decided to investigate the cost of sending him to NYU. Let’s just say, my jaw hit the floor while sweat beads formed on my forehead. I quickly pulled my husband out of his TV trance and proclaimed, “Houston, we have a problem!” I had been blissfully ignorant of the financial realities of college, and it hit me like a ton of bricks that retirement was not far off either.

In just a few short years, we’ll be in a position where we need to act like adults! We’re not just sending kids to college; we’re planning retirement parties and dreaming of traveling to far-off places with friends who’ve saved diligently for a slice of adventure, like riding a bus through Tuscany or visiting the Blarney Stone. My vision of lounging on a beach without a care in the world while sipping margaritas suddenly felt all too real and alarmingly close.

It dawned on me that we need a solid plan, because those beachside margaritas won’t pour themselves. Thankfully, my husband is accustomed to my moments of financial panic and is eager to tackle future planning with me, since he’s the responsible one in our partnership. Here’s the plan we’ve whipped up so far:

1. Have an Honest Discussion About Retirement Goals

After my initial shock about college costs subsided, my husband and I sat down for a frank talk about our retirement aspirations. Surprisingly, while our goals were similar, they had their nuances. He imagined us working into our 70s (not necessarily in our current careers), while I pictured clocking out the day I turned 55. Realizing we had a gap to bridge, we’ve held several discussions since then to find a way to make both our dreams work. Starting this conversation now allows us to plan effectively and ensures those margaritas flow a little sooner.

2. Take a Hard Look at Your Finances

With kids and busy work schedules, it’s easy to fall into the trap of convenience spending—think dinners out and dry cleaning. However, fast forward a decade, and you may realize that cash could have been better spent boosting your IRA or 401(k). Examining your discretionary income can be tough, but consider how those extra takeout dinners could translate into a beach house down the line. Cutting back on convenience can lead to significant savings and a quicker path to your sandy retreat.

3. Strengthen Your Relationship for Retirement

This might seem obvious, but as you approach retirement, you’ll find that the daily distractions of parenting fade away. Recognizing that you and your partner might have developed separate interests over the years is crucial. Taking the time now to nurture your relationship will pay off when you’re strolling along the beach or exploring new destinations together. Do the work now, so your retirement years are filled with joy and no surprises.

4. Get Serious About Estate Planning

No one wants to think about death, especially when it comes to not being around to see grandkids grow up. However, discussing this while you’re healthy can give you a sense of control over your assets. Figuring out who gets what, from your kids to your cherished heirlooms, doesn’t have to be final. You can always reassess as your family changes.

Certainly, paying for college and prepping for retirement might seem distant for many of us, but time has a sneaky way of flying by. Just like it feels like I blinked and my kids are already heading to college, the years until retirement will vanish just as quickly. On those chaotic days with barking dogs and last-minute school projects, it’s comforting to remind myself that I’m laying the groundwork now for those relaxing margarita moments on the beach—because, let’s be honest, I’ve earned it!

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Summary

As retirement approaches faster than anticipated, it’s vital to have honest discussions about your goals, evaluate your finances, strengthen your relationship, and engage in estate planning. These steps will help ensure a smoother transition into your golden years, allowing you to enjoy the leisurely life you’ve dreamed of.